Question

Pam & Sam have been very good friends since their childhood. They decided to start a business and become partners. Tim is a relative of Pam. Pam asked Tim to allow them to use his name for promoting their business. Tim agreed to this. He took Pam & Sam to the bank and using his name and influence asked the Bank Manager to grant a loan for their business. His actions gave the Bank Manger the impression that Tim was also a partner of their firm and so he sanctioned the loan. Later, their business faced huge losses due to which Pam & Sam were unable to pay back the loan. 2+2+1+1=6 (c) Name & explain the type of partnership formed between Pam & Sam. (d) Identify & explain what ‘type of partner’ is Tim? (e) Will Tim be held liable for losses? If so, what will be his liability? (f) If the company had made profits instead of losses, would Tim also get a share of it?

Answer 1

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